This has also helped other areas of theFinancial District—like the LowerBroadway Corridor, spanning from CityHall to Liberty Plaza, and South StreetSeaport—which are picking up again,Slattery says. “It has created more retailactivity Downtown,” he says. “There hasbeen a movement for some high-endstores, like Hermes and Tiffany & Co.There have also been ‘Saturday eveningrestaurants’ as opposed to ‘Mondaythrough Friday’ places to have dinner. Theretail has really come along as more of acomponent here.”Driving the retail boom here is LowerManhattan’s affluent and well-educatedpopulation. The neighborhood’s resi-dential base has more than doubledsince 2001 to 56,000 people, and isexpected to reach 60,000 by 2013,according to the Downtown Alliance.The median household income—$143,000—is almost three times the city-wide median of $51,000, and more thandouble the Manhattan median of$69,000, the report states.

The population increase also wenthand-in-hand with public incentive pro-grams. The availability of $1.6 billion inLiberty Bond financing from 2001 to“The program that the state and cityadministered for both residential and com-mercial tenants was really invaluable. Iknow there was a real concern about bring-ing the residential to Lower Manhattan,and the announcement of bringing a resi-dential program brought a flood of brokersjust for the economic opportunity,” Slatterysaid. “That was a real jump-start for theneighborhood and activity picked up.”A popular neighborhood for the newlive-work class is Battery Park City, where 7. 2

million square feet of residential space has
been added over the past 10 years. Gayle M.
Horwitz, president and CEO of the Hugh
L. Carey Battery Park City Authority, a public benefit corporation of New York State,
says multifamily development has gone
hand-in-hand with the surge in new office
and retail construction. “The spaces are
complementary and it explains why Lower
Manhattan has become such a 24/7 live/
work community,” Horwitz says. “The great
thing about Battery Park City in particular

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2005 resulted in an increase of rental
housing development. Meanwhile, the
421g program spurred more than 15 million square feet of office to residential
conversions from 1995 to 2006, according
to the Downtown Alliance.